Rane Madras acquires steering components business of Hical Group, Auto News, ET Auto
New Delhi: Rane Madras Limited (RML), part of the Rane Group on Wednesday announced that its Board of Directors has approved the acquisition of the Steering Components Business (SCB) of Yagachi Technologies Private Limited (YTPL) which is a part of Hical Group.
Rane (Madras) Limited manufactures steering and suspension products and light metal casting components.
SCB manufactures steering and suspension components such as Inner Ball Joints (IBJ) and Outer Ball Joints (OBJ). The division’s major customers include Mando India which serves OEMs like Hyundai, Kia, Mahindra, etc.
Harish Lakshman, vice chairman, Rane Group, said, “The acquisition of the Steering Components Business of Yagachi will enhance RML’s leadership position and share in the domestic passenger vehicle market and provide an opportunity to enter export vehicle platforms to new geographies.”
SCB’s revenue was INR 35.5 crores for FY21. It has a technical collaboration with a leading South Korean ball joint company, it said.
Established in 1960, RML has two divisions namely Steering and Linkages Division (SLD) and Light Metal Casting India Division (LMCI). SLD manufactures mechanical steering gears, hydrostatic steering systems and steering and suspension linkage products. LMCI manufactures low porosity, high-quality light metal casting such as steering housings and engine case covers.
Through its overseas subsidiary Rane Light Metal Castings Inc. (RLMCA), RML manufactures high pressure light metal casting components from its facility in Kentucky, USA.